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Risk Management Committee - How there rating review or for awarding of commercial
is significant merit for organisations to have contracts by institutions.
a Risk Management Committee, depending
upon their size and scale; though SEBI LODR • Applicability to all industry sections:
regulations, 2015, as amended around RMC MSMEs and new age companies are as
applies on to the top 1000 listed organisations exposed or maybe even more exposed to risks
by market capitalization. vis-a-vis large companies. Risk factors such as
the COVID-19 pandemic have exposed their
2. Empowering the RMC – in terms of vulnerability as they have borne the brunt of
composition, leadership, independence, and factors such as supply chain risk, demand risk,
rigour, to allow organisations to reap the third- party risks, and BCP risk. Knowing how
benefits of having an independent committee to deal with risk will enable the transition of
to oversee risk management practices. these organisations into the league of risk-
intelligent enterprises of the future.
3. Elevating the CRO’s role - Need for a Chief
Risk Officer to report directly to either the Way Forward: Building a resilient Risk
RMC or, at best, to the MD or the CEO; rather risk-intelligent India
than to the CFO or any other CXO. Also, how
a CRO should not have any business targets As India steps toward becoming a global Economic
that could conflict with his risk management giant, it is imperative to embrace structured and
role and should ideally not have any additional practicable risk management frameworks. Model
responsibilities beyond his or her role. Risk Code offers a transformative blueprint for
organisations of all sizes to instil a culture where
• Risk Management process as a criterion leaders are driven to see risk not as a threat but
for external stakeholders: Appreciation a pathway for innovation and growth. The road
and inclusion of Risk Management practice ahead demands risk-intelligent enterprises that
review as a key review criterion by external are not only focused on sustaining but thrive in
stakeholders may urge organisations to uncertainty.
embrace. For instance, making it a pre-requisite
to stock listing or a parameter for credit

Webinar on April ,26 2025 “GST & Internal Audit – Navigating Risks,
Compliance & Controls” and “Demystifying Wills and Succession
Planning – A Practical Guide for Professionals”

A paid webinar was conducted virtually on April 26, 2025, featuring two insightful sessions. Mr. Subham
Khaitan spoke on “GST & Internal Audit – Navigating Risks, Compliance & Controls”, while Mr. Raj K
Lakhotia presented “Demystifying Wills and Succession Planning – A Practical Guide for Professionals.”
The 2-hour session was attended by 55 participants and offered valuable takeaways on both taxation and
estate planning.

61 INTERNAL AUDIT TODAY